PM Modi addresses COP28 High-Level Segment, proposes Green Credits Initiative

Prime Minister Narendra Modi on Friday (1st December 2023) delivered an address at the high-level segment of COP28 in Dubai, extending greetings from the 1.4 billion people of India. Expressing gratitude to the assembled leaders, PM Modi acknowledged their consistent support on crucial issues of climate justice, climate finance, and green credit.

Emphasizing collective efforts, the Prime Minister highlighted the global consensus that the welfare of humanity necessitates safeguarding everyone's interests and ensuring universal participation. Mr Modi showcased India's development model, illustrating a delicate balance between ecology and the economy. Despite India being home to 17% of the world's population, its share of global carbon emissions remains below 4%. He informed that India is on the course to achieve its Nationally Determined Contribution (NDC) targets, surpassing emissions intensity goals by 11 years and non-fossil fuel targets by nine years. Ambitious future targets include reducing emission intensity to 45% by 2030, increasing the share of non-fossil fuel to 50%, and achieving Net Zero by 2070.

 In a proactive move, PM Modi proposed the Green Credits Initiative, a mass campaign extending beyond the commercial aspects of carbon credits. This initiative focuses on creating carbon sinks through public participation, with an invitation for global leaders to join this movement. Expressing urgency in correcting the mistakes of the past century, Mr Modi emphasized the global impact of overexploitation and urged leaders to move beyond self-interest. Stressing the importance of fulfilling commitments, he called for a balanced approach to adaptation, mitigation, climate finance, technology, and loss and damage.

Reflecting on India's contributions during its G20 presidency, Mr Modi highlighted agreements on a green development pact, sustainable development principles, and a commitment to triple global renewable energy by 2030. India's promotion of alternative fuels, including hydrogen, and the launch of the Global Biofuels Alliance were also underscored. The Prime Minister announced the Infrastructure Resilience Initiative for Island States (IRIS), aimed at enhancing climate resilience.

PM Modi proposed ensuring a just, inclusive, and equitable energy transition, advocating continuous development of innovative technologies and their transfer to other countries. India, committed to the UN Framework for Climate Change process, offered to host COP33 in 2028. Looking ahead, the Global Stocktake review over the next 12 days is expected to guide the collective efforts towards a secure future, Prime Minister Modi expressed hope in the operationalisation of the Loss and Damage fund and confidence in the success of COP28 hosted by the UAE.

Most Recent